Impact of 2020 on the future of advertising

Several marketing trends were already underway before COVID-19 upended the global economy, but it is expected these trends will continue to firm up over the next decade rather than dissipate, despite the upheaval seen in 2020.

That is the view of more than 50 CMOs and other marketing experts, who were contacted by media agency Essence, part of GroupM, for its 2030 Revisited report.

Scenarios more likely to occur by 2030

• Around two-thirds (65%) of respondents say it is more likely there will be increased use of biometric data.
• Nearly 60% expect the events of 2020 to accelerate the trend of consumers prioritising the impact of brands on the environment.
• Well over half (59%) say the trends towards subscription services and time spent in virtual environments are more likely to increase.
• Personalisation and micropayments are expected to be more likely by 56% and 46% respectively.

Four key dynamics brands should consider

• The big and strong will get bigger and stronger. Companies without a clear mandate and path will be swallowed up.
• Platforms will be critical to winning and brands will need to own, or at least partner with, platforms to survive.
• At the same time machine learning-based predictions increases confidence about what is likely to happen, brands must also prepare for what could happen.
• A new era of marketing will require brands to grapple with the challenge of projecting consistent brand values while also meeting consumer expectations for increasingly personalised messages and experiences.

Key quote

“The consequences of the trajectories we find ourselves on are real and will become more real in the years ahead. Advertisers must act boldly with plans to put themselves at the center of people’s experiences if they want to make it to 2030” – Kate Scott-Dawkins, VP of thought leadership and innovation at Essence

Sourced from GroupM